Funding for Endowed Leaves and Faculty Fellowships Sample Clauses

Funding for Endowed Leaves and Faculty Fellowships. Montcalm Community College shall fund the leave fund by adding to the existing fund each month an amount equal to two percent (2%) of the salaries of employees (as defined in Article I of this Master Agreement) paid that month. Salary is here defined as the rate of compensation calculated from each employee’s position on the current salary schedule in Appendix A. One-third (1/3) of the monies which are now in or which are hereafter added to the leave fund shall be allocated to the endowed leave account and two-thirds (2/3) shall be allocated to the faculty fellowship account, subject to the following: a. Monies in the faculty fellowship account which are not required for payment of faculty fellowships having higher priority may be transferred to the endowed leave account to the extent necessary to fund an endowed leave to be granted that particular year. b. The maximum amount to be credited to the endowed leave account at any time shall be one-half (1/2) of the maximum salary called for on the applicable salary schedule. When the account reaches that level, all further amounts added to the leave fund shall be allocated to the faculty fellowship account until the endowed leave account falls below its maximum funding, at which time the normal one-third (1/3), two-thirds (2/3) allocation shall again be made until the maximum funding is reached. c. Once the endowed leave account reaches its maximum funding, up to one year’s contribution to the endowed leave account may be transferred to the faculty fellowship fund account to meet needs of that account. The following year, the regular allocation shall be made to the endowed leave account in order to replace the amount so transferred to the faculty fellowship account.
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Related to Funding for Endowed Leaves and Faculty Fellowships

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  • DEVELOPMENT OR ASSISTANCE IN DEVELOPMENT OF SPECIFICATIONS REQUIREMENTS/ STATEMENTS OF WORK

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  • TRAINING AND EMPLOYEE DEVELOPMENT 9.1 The Employer and the Union recognize the value and benefit of education and training designed to enhance an employee’s ability to perform their job duties. Training and employee development opportunities will be provided to employees in accordance with Employer policies and available resources. 9.2 Attendance at employer-required training will be considered time worked. The Employer will make reasonable attempts to schedule employer-required training during an employee’s regular work shift. The Employer will pay the registration and associated travel costs in accordance with Article 23, Travel, for employer-required training.

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